The Deloitte Christmas Spending Survey 2012 reveals that price is now the decisive factor for the vast majority of Europeans (92%) when it comes to purchasing decisions. Irish consumers have indicated that they will do the following to ensure their spending is kept in check:
• 44% of Irish consumers will buy more products and gifts that are on sale
• 30% indicate that they will focus more on buying less expensive gifts
• 29% will shop at less expensive stores
In 2012, Irish consumers plan to make fewer purchases using credit. Over half of respondents indicated that they plan on reducing their exposure to loans from family, specialised consumer credit loans and credit from retailers this festive season. 42% of consumers plan to use savings for a larger proportion of their purchases than in 2011.
In addition, over a third of those surveyed in Ireland plan to increase their usage of loyalty point schemes. Irish consumers have indicated that their preference is for schemes which earn points offering vouchers to spend in the store (24%) or with several retailers (24%). There is also a strong preference for immediate discounts (23%).
However, despite keeping a close watch on their Christmas budgets, Irish consumers will remain generous at Christmas – just 16% said they would focus more on buying for fewer people.
Irish consumers are also more likely in 2012 to support the local economy, with 65% indicating that they will buy locally made products, up from 58% in 2011.
The main reasons identified for spending less this festive season are, unsurprisingly, the economic downturn (57%), the impact of tax on their income (40%) and debt (27%).
As in previous years, for those Irish consumers that indicated they will spend more over the festive period, the main reason to do so is to enjoy themselves and avoid thinking about the economic situation. Just over one quarter cited a promotion as a reason to spend more.
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"The measured approach to spending this festive season remains and saving and budgeting remain a key focus for Irish consumers. In fact, while over half of Irish consumers indicated that, similar to last year they will prepare a budget, a further 27% plan to budget more this year."
Read more in the press release